Summary: ModoLoan is a legitimate business that matches loan seekers to lenders for a commission. There is little information about the lenders ModoLoan works with, so you should do your research before enrolling in any of its services. If you’re struggling with debt, SoloSuit can help you resolve it.
Personal loans can help consumers meet urgent financial needs. In the age of digital lending, it's easier than ever to get approved for a loan. But as the number of lenders has skyrocketed, it is becoming harder for consumers to identify legitimate loan offers.
ModoLoan connects consumers to real lenders and helps people get approved for loans, typically ranging from $250 to $3000, in minutes.
ModoLoan has no part in the debt collection process, nor does it accept any responsibility for the agreements between consumers and lenders. If you have taken out a loan through ModoLoan’s website and fail to repay it according to the terms and conditions in your agreement, the lender will reach out to you to collect a debt.
So, if you are considering using ModoLoan’s service, proceed carefully with any lender and remember that ModoLoan is no longer part of the process once you accept the loan.
ModoLoan is a legit fintech company that makes it easy for consumers to start the borrowing process. To get started, consumers follow the following steps:
Fill out a simple online application
Get a quick decision from lenders
Sign the paperwork and receive your funds, usually within 24 hours
While it sounds easy, there is no guarantee about the reputation of the lender offering your loan. It is critical that you research any potential lender and carefully examine the terms of the loan.
The service is free to consumers, meaning the commission is paid by lenders. However, that essentially means the costs of the service are being passed on to you in the conditions of your loan.
Here’s an example of how ModoLoan works, taken directly from its website:
ModoLoan is concerning in that there is little information about the company or the lenders they work with available online. SoloSuit recommends using caution if you decide to use this loan matching service.
Is Modoloan legit?
Yes, ModoLoan is legit, but there are some things you should know about the company before enrolling in any of its services.
First, there is little information about the company available online. Trusted sites such as the Better Business Bureau (BBB) and Trustpilot do not have the company listed. There is also a startling need for more information about the company on its own website. There is no address or phone number available.
The terms and conditions on the website list Ping Yo, Inc. as “the company.” Ping Yo is located at 134 Ne 1st Ave, Ste 3, Delray Beach, FL 33444-3713. The phone number is (954) 347-0608. Like ModoLoan, there is no mention of Ping Yo on trusted sites like Trustpilot. The BBB does not accredit it, nor are there any consumer reviews available.
Ping Yo is an online lead generation network. According to the Federal Trade Commission (FTC), online lead-generation networks often traffic in personal data.
Remember, any loan application you fill out for ModoLoan is laden with personal data that can then be sold to third parties. There are no allegations that ModoLoan sells personal information without your consent. However, with so little known about the company, the FTC warning about lead-generation networks should cause pause and consideration.
There are safer and more transparent personal lending services. Learn about those below.
Alternatives to ModoLoan
NerdWallet has an A+ accreditation from the BBB and offers a loan-matching service to help you find the right loan for your needs. The lenders are typically well-known with transparent lending practices. Some examples of lenders include:
LendingClub is another well-known loan matching service to explore. Loan amounts start at $1,000. It also carries an A+ accreditation by the BBB. However, consumers should be aware that the BBB has issued a current alert for the business centered around their promise of “no hidden fees.” Without any admission of wrongdoing, LendingClub agreed to pay $18 million to the FTC to settle the charges. In addition to the $18 million in fees, LendingClub is barred from making any misrepresentations to future loan applicants.
Regardless of the lender you choose, be sure to do thorough research and read the proposed loan documentation carefully before you take out any small quick loans, However, if you are exploring a loan in order to take care of pressing debts, you may have a better alternative.
SoloSuit is a trusted source to resolve debt and settle any debt disputes. If you are seeking a loan to pay off debts, you might want first to consider attempting to settle your debt.
Taking out a personal loan can lead to high interest rates and fees which, if piled up over time, can lead to a mountain of debt. And if enough time passes without payment, you might find yourself in the middle of a debt lawsuit.
Some creditors, banks, and lenders have an internal collections department. If they come after you for a debt, Solosuit can still help you respond and resolve the debt. Here’s a list of guides on how to resolve debt with different creditors.
Don’t have time to go to your local courthouse to check the status of your case? We’ve created a guide on how to check the status of your case in every state, complete with online search tools and court directories.
Forgot to respond to your debt lawsuit? The judge may have ordered a default judgment against you, and with a default judgment, debt collectors can garnish your wages. Here are our guides on how to stop wage garnishment in all 50 states.
Debt settlement is one of the most effective ways to resolve a debt and save money. We’ve created a guide on how to settle your debt in all 50 states. Find out how to settle in your state with a simple click and explore other debt settlement resources below.
Not sure how to negotiate a debt settlement with a debt collector? We are creating guides to help you know how to start the settlement conversation and increase your chances of coming to an agreement with every debt collector.
If the thought of going to court stresses you out, you’re not alone. Many Americans who are sued for credit card debt utilize a Motion to Compel Arbitration to push their case out of court and into arbitration.
Below are some resources on how to use an arbitration clause to your advantage and win a debt lawsuit.
Do you keep getting calls from an unknown number, only to realize that it’s a debt collector on the other line? If you’ve been called by any of the following numbers, chances are you have collectors coming after you, and we’ll tell you how to stop them.
And 50% of our customers' cases have been dismissed in the past.
"Finding yourself on the wrong side of the law unexpectedly is kinda scary. I started researching on YouTube and found SoloSuit's channel. The videos were so helpful, easy to understand and encouraging. When I reached out to SoloSuit they were on it. Very professional, impeccably prompt. Thanks for the service!" - Heather